Multinational Business Finance Testbank chapter213eEiteman.docx
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MultinationalBusinessFinanceTestbankchapter213eEiteman
MultinationalBusinessFinance,13e(Eiteman/Stonehill/Moffett)
Chapter2CorporateOwnership,Goals,andGovernance
2.1WhoOwnstheBusiness?
MultipleChoice
1)Foreignstockmarketsarefrequentlycharacterizedbycontrollingshareholdersfortheindividualpubliclytradedfirms.WhichofthefollowingisNOTidentifiedbytheauthorsastypicalcontrollingshareholders?
A)thegovernment(forexample,privatizedutilities)
B)institutions(suchasbanksinGermany)
C)family(suchasinFrance)
D)Alloftheabovewereidentifiedbytheauthorsascontrollingshareholders.
Answer:
D
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
2)WhichofthefollowingisNOTtypicallyassociatedwiththepublicownershipofbusinessorganizations?
A)thestate
B)thegovernment
C)families
D)civilsociety
Answer:
C
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
3)WhichofthefollowingisNOTtypicallyassociatedwiththeprivateownershipofbusinessorganizations?
A)thegovernment
B)families
C)individuals
D)publiclytraded,widely-heldorganizations
Answer:
A
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
4)StateOwnedEnterprises(SOEs):
A)areaformofpublicownership.
B)arecreatedforcommercialactivitiesratherthancivilorsocialactivities.
C)arethedominantformofbusinessorganizationinsomecountries.
D)arealloftheabove.
Answer:
D
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
5)Theproblemsthatmayariseduetotheseparationofownershipandmanagementinlargebusinessorganizationsisknowas:
A)separationanxiety.
B)theagencyproblem.
C)corporatedisconnecttheory.
D)noneoftheabove
Answer:
B
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Conceptual
6)Privatizationisatermusedtodescribe:
A)firmsthatarepurchasedbythegovernment.
B)governmentoperationsthatarepurchasedbycorporationsandotherinvestors.
C)firmsthatdonotusepubliclyavailabledebt.
D)non-publicmeetingsheldbymembersofinterlockingdirectorates.
Answer:
B
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
True/False
1)IntheU.S.andU.K.stockmarketsarecharacterizedbyownershipoffirmsconcentratedinthehandsofafewcontrollingshareholders.Incontrast,therestoftheworldtendstohavemorewidespreadownershipofshares.
Answer:
FALSE
Comment:
Justtheoppositeistrue.IntheU.S.andU.K.ownershipismorewidespreadthanintherestoftheworld,andmanagementtendstoownonlyasmallportionofthefirm.
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
2)StateOwnedEnterprises(SOEs)bytheirverynamecannotbetradedonstockexchangesbecausetheyaregovernmentowned.
Answer:
FALSE
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Conceptual
3)Inrecentyearsthetrendhasbeenformarketstoincreasingfocusontheshareholderwealthformofwealthmaximization.
Answer:
TRUE
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
4)Non-Anglo-Americanmarketsaredominatedbythe"one-vote-one-share"rule.
Answer:
FALSE
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
5)Accordingtorecentresearch,family-ownedfirmsinsomehighly-developedeconomiestypicallyoutperformpublicly-ownedfirms.
Answer:
TRUE
Diff:
1
Topic:
2.1WhoOwnstheBusiness?
Skill:
Recognition
Essay/ShortAnswer
1)Whatarethemostimportantdistinctionsthatmakestateownedenterprises(SOEs)differentfromotherformsofgovernmentorganizations?
Answer:
Stateownedenterprisesarecreateddistinctlyforthepurposeofcommercialactivities,ratherthanthemultitudeofothersocial,civil,andregulatoryactivitiesofgovernment.SOEsaretoday,inmanycountries,thedominantformofbusinessentity.
Diff:
2
Topic:
2.1WhoOwnstheBusiness?
Skill:
Conceptual
2.2TheGoalofManagement
MultipleChoice
1)"Maximizecorporatewealth":
A)istheprimaryobjectiveofthenon-Anglo-Americanmodelofmanagement.
B)asamanagementobjectivetreatsshareholdersonaparwithothercorporatestakeholderssuchascreditors,labor,andlocalcommunity.
C)hasabroaderdefinitionthanjustfinancialwealth.
D)alloftheabove
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
2)TheShareholderWealthMaximizationModel(SWM):
A)combinestheinterestsandinputsofshareholders,creditors,management,employees,andsociety.
B)isbeingusurpedbytheStakeholderCapitalismModelasthosetypesofMNEsdominatetheirglobalindustrysegments.
C)clearlyplacesshareholdersastheprimarystakeholder.
D)isthedominantformofcorporatemanagementintheEuropean-Japanesegovernancesystem.
Answer:
C
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
3)TheStakeholderCapitalismModel(SCM):
A)clearlyplacesshareholdersastheprimarystakeholder.
B)combinestheinterestsandinputsofshareholders,creditors,management,employees,andsociety.
C)hasfinancialprofitasitsgoalandisoftentermedimpatientcapital.
D)istheAnglo-Americanmodelofcorporategovernance.
Answer:
B
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
4)IntheAnglo-Americanmodelofcorporategovernance,theprimarygoalofmanagementisto:
A)maximizethewealthofallstakeholders.
B)maximizeshareholderwealth.
C)minimizecosts.
D)minimizerisk.
Answer:
B
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
5)Infinance,anefficientmarketisoneinwhich:
A)pricesareassumedtobecorrect.
B)pricesadjustquicklyandaccuratelytonewinformation.
C)pricesarethebestallocatorsofcapitalinthemacroeconomy.
D)alloftheabove
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
6)Systematicriskcanbedefinedas:
A)thetotalrisktothefirm.
B)theriskoftheindividualsecurity.
C)theriskofthemarketingeneral.
D)theriskthatcanbesystematicallydiversifiedaway.
Answer:
C
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
7)Unsystematicriskcanbedefinedas:
A)thetotalrisktothefirm.
B)theriskoftheindividualsecurity.
C)theaddedriskthatafirm'ssharesbringtoadiversifiedportfolio.
D)theriskofthemarketingeneral.
Answer:
B
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
8)Thestudyofhowshareholderscanmotivatemanagementtoaccepttheprescriptionsoftheshareholderwealthmaximizationmodeliscalled:
A)marketefficiency.
B)theSWMmodel.
C)agencytheory.
D)theSCMmodel.
Answer:
C
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Recognition
9)UndertheShareholderWealthMaximizationModel(SWM)ofcorporategovernance,poorfirmperformanceislikelytobefacedwithallbutwhichofthefollowing?
A)saleofsharesbydisgruntledcurrentshareholders
B)shareholderactivismtoattemptachangeincurrentmanagement
C)asamaximumthreat,initiationofacorporatetakeover
D)prisontimeforexecutivemanagement
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
10)WhichofthefollowingisareasonwhymanagersacttomaximizeshareholderwealthinAnglo-Americanmarkets?
A)theuseofstockoptionstoalignthegoalsofshareholdersandmanagers
B)themarketforcorporatecontrolthatallowsforoutsidetakeoverofthefirm
C)performancebasedcompensationforexecutivemanagement
D)alloftheabove
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
11)WhichofthefollowingisNOTtrueregardingthestakeholdercapitalismmodel?
A)Banksandotherfinancialinstitutionsarelessimportantcreditorsthansecuritiesmarkets.
B)LaborunionsaremorepowerfulthanintheAnglo-Americanmarkets.
C)Governmentsinterferemoreinthemarketplacetoprotectimportantstakeholdergroups.
D)AlloftheaboveareTRUE.
Answer:
A
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
12)Thestakeholdercapitalismmodel:
A)typicallyavoidstheflawofimpatientcapital.
B)triestomeetthedesiresofmultiplestakeholders.
C)mayleavemanagementwithoutaclearsignalabouttradeoffsamongtheseveralstakeholders.
D)alloftheabove
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
13)WhichofthefollowingisgenerallyNOTconsideredtobeaviableoperationalgoalforafirm?
A)maintainingastronglocalcurrency
B)maximizationofafter-taxincome
C)minimizationofthefirm'seffectiveglobaltaxburden
D)correctpositioningofthefirm'sincome,cashflowsandavailablefundsastocountryandcurrency
Answer:
A
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
14)Whichofthefollowingoperationalgoalsfortheinternationalfirmmaybeincompatiblewiththeothers?
A)maintainingastronglocalcurrency
B)maximizationofafter-taxincome
C)minimizationofthefirm'seffectiveglobaltaxburden
D)Eachofthesegoalsmaybeincompatiblewithoneormoreoftheothers.
Answer:
D
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
15)Theprimaryoperationalgoalforthefirmisto:
A)maximizeafter-taxprofitsineachcountrywherethefirmisoperating.
B)minimizethetotalfinancialrisktothefirm.
C)maximizetheconsolidatedafter-taxprofitsofthefirm.
D)maximizethetotalrisktothefirm.
Answer:
C
Diff:
1
Topic:
2.2TheGoalofManagement
Skill:
Conceptual
16)WhichofthefollowingbroadtopicsisNOTidentifiedasanareatobeestablishedasgoodcorporategovernancepracticebytheOrganizationforEconomicCooperationandDevelopment(OECD)?
A)protecttherightsofshareholders
B)disclosureandtransparency
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